What Wealth Strategies Are You Following?

June 21, 2007
By seadmin

I am so excited about my new radio show, Web site and upcoming business ventures (more on that over the next few weeks) that it’s really hard for me to keep my enthusiasm in check. Fortunately, my devoted team always keeps me on track so that I don’t get too ahead of myself.

Now that I do not have to perform the daily radio show I’ve been able to put some quality time into creating new content, researching new investment ideas and forming new alliances — all to the benefit of my readers and listeners.

This past weekend’s radio show focused on wealth, and specifically the wealth strategies that are most common. I have written about these opportunities in the affirmative because that’s how I want you to think about them — as if they are actually happening to you!

Let’s take a look at them now: Let’s take a look at them now:

  1. I live within my means each month. I spend less money than I make and save at least 10% of what I earn. Boy, wouldn’t all of America be better off if they followed this basic principle of wealth accumulation? If I were asked what the best advice is to give a young person just starting out it would be to live beneath his or her means.

  2. I am building a retirement nest egg for myself through consistent savings and proper money management. This is one of the most basic wealth principles of all. You must save and invest for the day you stop working. This strategy also involves saving in the right places, such as your company 401(k), Roth IRA, etc. But where I see the biggest mistakes here are with high-wage earners — those who make over $150,000 per year and who are not saving enough money. This is where a variable annuity (VA) or variable universal life (VUL) policy comes into play.

  3. I am actively working to pay only the taxes that I owe. Most Americans overpay their taxes. I know that’s a bold statement, but it’s true. Tax management is a wealth strategy. If you don’t have a competent CPA or if you are not actively trying to lower your taxes, you are simply wasting money.

  4. I have targeted specific assets that have great wealth accumulation potential and I am consistently working to enhance their value. Stock options, real estate, small businesses and even your brokerage account all have great wealth building potential. Many people are planning on realizing a great return on certain assets. This is a great goal and a powerful strategy, and it most likely is the primary focus for many of you.

  5. I am creating passive income from my investments. This strategy is perhaps the most important one that you will ever pursue. Get this right in retirement and you will never have to worry about money again. Get this wrong and you could find yourself outliving your money — a place no one wants to visit. Passive income investing today is very exciting. There are vehicles out there that deliver 7-10% annual dividend returns and many of those opportunities pay dividends monthly.

  6. I will leave a legacy to my heirs and the causes I care about when I pass on. I am finding that this strategy is very important to many people and this concern is something that really warms my heart. People want to take care of other people, whether through the causes they support or just through helping the loved ones they leave behind. Kids, grandkids, foundations, schools — they mean different things to different people. Legacy is a wonderful wealth strategy and it can help to make the world a much better place.

  7. I am protecting my family and my assets from unforeseen threats that could hurt my wealth. Life happens; it could be an earthquake in California or a tornado in Texas. It could be the untimely passing of a spouse or an accident which results in a lawsuit. There are many things that could take your wealth away from you. That is why you need to manage the risk of accumulating wealth and taking care of those you are responsible for supporting. Life, health, disability and liability umbrella insurance policies all are meant to manage life’s risks. Most people hate insurance, but once you understand its purpose and how to buy it correctly, you will come to embrace it.

Of course, I’ve just scratched the surface here when it comes to the many wealth strategies you can employ. But the point is to start thinking affirmatively about how you are going to create the kind of financial life you want for yourself and your loved ones.

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